Capitania Investimentos

What Capitania Investimentos does

Capitânia Investimentos is an independent Brazilian investment manager founded in 2003 and headquartered on Av. Brigadeiro Faria Lima in São Paulo. It manages R$ 20.9 billion in assets across private credit (Credit Privado), infrastructure, real estate and agribusiness strategies for retail, qualified-investor, professional-investor and institutional clients. The firm operates through three wholly-owned subsidiaries — Capitânia Capital S/A, Capitânia Alternatives S/A and Capitânia Prev S/A — and has been partially owned by XP Inc. since 2021.

The product suite spans open pension funds (PGBL/VGBL) distributed through four major insurance partners (Icatu, XP Vida e Previdência, BTG Vida e Previdência and Itaú Vida e Previdência); private-credit fixed-income funds (Top, Premium 45, Radar 90, Yield 120, Portfolio FIDC); tax-incentivized infrastructure funds under Lei 12.431 (Infra 30, Infra Renda 90, Infra Sênior I, Infra Yield, Infra Geral Advisory); multimarket real-estate funds (REIT Institucional I and II); and twelve listed tickers on B3 spanning FII, FI-Infra and Fiagro vehicles. Management follows a documented seven-stage investment process — macro/sector/company analysis, banker due diligence, credit-committee approval, pre-trading compliance, legal procedures, portfolio management and post-trading compliance — supported by a proprietary risk-monitoring system covering market, credit and liquidity dimensions.

Revenue is generated through administration fees (typically 0.275%–1.50% p.a. depending on fund and share class) and performance fees of 15%–20% over CDI or IFIX benchmarks, applied across R$ 20.9 billion of AUM. Distribution is carried out through 19+ investment platforms including XP Investimentos, BTG Pactual, Itaú, C6Bank and Warren, supplemented by B3-listed vehicles and direct institutional sales to pension funds and insurers. The firm holds ANBIMA certification and has been assigned Moody's MQ1.br Investment Manager Quality rating.

Name

Capitania Investimentos

Legal name

Capitania S/A

Website

https://capitaniainvestimentos.com.br

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

Capitânia Investimentos is an independent Brazilian asset manager founded in 2003, managing R$ 20.9 billion across private credit, infrastructure, real estate and agribusiness funds for retail, qualified, professional and institutional investors, distributed through 19+ platforms and four insurance partners.

Ownership category

akta.pro rank

Headquarters

HQ city

Pinheiros

HQ country

Brazil

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Asset Management Fees (Taxa de Administração): Management fees charged on assets under management across all fund families including pension, private credit, infrastructure, and real estate funds
2. Performance Fees (Taxa de Performance): Performance fees charged on returns exceeding benchmark thresholds, typically 15-20% of excess returns over CDI or IFIX benchmarks

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels5 records

Core offering

Capitania Investimentos is an independent Brazilian asset manager founded in 2003, managing R$ 20.9 billion across investment funds in private credit, infrastructure, real estate, agribusiness, and pension fund (Previdência Aberta) categories. The firm also offers independent corporate financial advisory services covering corporate finance, risk management, treasury, and investment advisory through its Assessoria Financeira unit.

Product overview

Capitania Investimentos is an independent investment manager founded in 2003, managing R$ 20.9 billion in assets. The company offers an extensive portfolio of investment funds across multiple categories: (1) Open Pension Funds (Previdência Aberta) including PREVIDENCE, CREDPREVIDÊNCIA, and PREV advisory funds with insurance partners like Icatu, XP Seguros, BTG and Itaú; (2) Private Credit Fixed Income Funds including TOP, PREMIUM 45, RADAR 90, YIELD 120, and PORTFOLIO FIDC; (3) Infrastructure Incentive Funds (FI-Infra) including INFRA 30, INFRA RENDA 90, INFRA SÊNIOR I, INFRA YIELD, and INFRA GERAL ADVISORY with tax benefits under Lei 12.431; (4) Real Estate Multimarket Funds including REIT INSTITUCIONAL and REIT INSTITUCIONAL II; and (5) Listed Funds (FIIs/Fiagro/FI-Infra) including CPTS11, GSFI11, CPTI11, CPTR11, CPAC11, CPSH11, AJFI11, CPHF11, CPLG11, CPOF11, CPUR11, and SHOP11. The company also provides Financial Advisory services for corporate finance, risk management, treasury and investment advisory. All funds are distributed through major Brazilian investment platforms including XP Investimentos, BTG Pactual, Itaú, Warren, and others.

Differentiator

Problem solved

Functional benefit

Products and services

• CAPITÂNIA PREVIDENCE ADVISORY ICATU Open pension fund managed in partnership with Icatu Seguros, targeting CDI + 0.5% p.a. return with allocation across private credit and government securities.
• CAPITÂNIA CREDPREVIDÊNCIA ICATU Open pension fund investing in private credit fixed income, FIIs (limited to 10%), and government securities with target return of CDI + 0.75% p.a.
• CAPITÂNIA PREV ADVISORY XP SEGUROS Open pension fund distributed exclusively through XP Investimentos with XP Seguros, targeting CDI + 0.75% p.a. return.
• CAPITÂNIA REIT PREV ADVISORY XP SEG Multimarket open pension fund with hybrid allocation in private credit (up to 50%) and real estate funds (up to 40%), targeting CDI + 2.5% p.a.
• CAPITÂNIA PREV INFLAÇÃO D30 XP SEGUROS 100% inflation-linked open pension fund investing in private credit fixed income inflation-linked assets, targeting IMAB5 + 100bps p.a.
• CAPITÂNIA PREVIDENCE XP SEG Open pension fund distributed exclusively through XP Vida e Previdência via XP Investimentos, targeting CDI + 0.5% p.a. return.
• CAPITÂNIA PREV BP Open pension fund distributed by BTG Vida e Previdência S/A, targeting CDI + 0.75% p.a. return.
• CAPITÂNIA REIT PREV ITAÚ Multimarket open pension fund with Itaú Vida e Previdência using hybrid strategy in private credit and real estate funds, targeting CDI + 2.5% p.a.
• CAPITÂNIA PREVIDENCE ITAÚ Open pension fund with Itaú Vida e Previdência targeting CDI + 0.5% p.a. return.
• CAPITÂNIA PREV ITAÚ Open pension fund with Itaú Vida e Previdência targeting CDI + 0.75% p.a. return.
• CAPITÂNIA TOP Private credit fixed income fund with D+1 liquidity, allocating in debentures, CRI, FIDC and FII, targeting CDI + 0.50% p.a. Minimum investment: R$ 1,000.
• CAPITÂNIA PREMIUM 45 Private credit fixed income fund with D+45 liquidity, allocating 70% in debentures, CRI, FIDC and FII, targeting CDI + 1.50% p.a. Administration fee: 0.55-0.75% p.a.
• CAPITÂNIA RADAR 90 Multimarket fund with D+90 liquidity for qualified investors, allocating 95% in investment fund quotas, targeting CDI + 2.50% p.a. Performance fee: 20% over 104% CDI.
• CAPITÂNIA YIELD 120 FIC FIDC with D+120 liquidity investing exclusively in senior FIDC quotas, targeting CDI + 2.50% p.a. Administration fee: 1.15% p.a.
• CAPITÂNIA PORTFOLIO FIDC FIDC with D+180 liquidity allocating 50% in traditional FIDCs, 20% in mono-structure FIDCs, 20% in debentures and 10% in other instruments, targeting CDI + 6% p.a.
• CAPITÂNIA YIELD SÊNIOR FIC FIDC FIDC focused on senior and subordinate quota issuance for qualified investors.
• CAPITÂNIA INFRA 30 IPCA Infrastructure private credit fixed income fund with D+30 redemption, investing in private credit assets including incentivized assets.
• CAPITÂNIA INFRA RENDA 90 Infrastructure fixed income credit fund with D+90 liquidity, 85% invested in incentivized assets, with monthly income distribution targeting 110% CDI.
• CAPITÂNIA INFRA RENDA 90 II Infrastructure fixed income credit fund with D+90 liquidity, investing 85% in incentivized assets with monthly distribution target of 110% CDI.
• CAPITÂNIA INFRA SÊNIOR I First FI-Infra in the market with subordination structure for qualified investors, targeting 100% CDI with D+45 redemption.
• CAPITÂNIA INFRA YIELD Cetipated fund for qualified investors with target return of CDI + 2% to 3%, investing in infrastructure debentures, traditional debentures and senior FIDC quotas.
• CAPITÂNIA INFRA GERAL ADVISORY Infrastructure feeder fund (FI-Infra) with target return of 94% CDI, D+32 redemption, 10.5% subordination structure, with tax exemption under Lei 12.431.
• CAPITÂNIA INFRA 30 CDI FI-Infra with CDI-hedged strategy, D+30 liquidity, focusing on incentivized private credit assets, targeting CDI + 1% p.a.
• CAPITÂNIA REIT INSTITUCIONAL Multimarket fund with D+90 liquidity for professional investors investing exclusively in listed FII quotas, benchmarked to IFIX with target of IFIX + 2% p.a.
• CAPITÂNIA REIT INSTITUCIONAL II Multimarket fund with D+90 liquidity allocating 40% in FII, 50% in Private Credit and 10% in post-fixed government securities, targeting CDI + 2% p.a.
• CPTS11 Listed real estate investment fund (FII) traded on the B3 stock exchange for retail investor access.
• GSFI11 Listed real estate investment fund (FII) traded on the B3 stock exchange.
• CPTI11 Listed infrastructure fund (FI-Infra) traded on B3 with net equity of R$ 1.28 billion, winner of the Outliers award in the FI-Infra category.
• CPTR11 Listed agro investment fund (Fiagro) traded on the B3 stock exchange.
• CPAC11 Listed agro investment fund (Fiagro) traded on the B3 stock exchange.
• CPSH11 Listed real estate investment fund (FII) traded on the B3 stock exchange.
• AJFI11 Listed real estate investment fund (FII) focused on Almeida Júnior shopping centers.
• CPHF11 Listed real estate investment fund (FII) traded on the B3 stock exchange.
• CPLG11 Listed real estate investment fund (FII) traded on the B3 stock exchange.
• CPOF11 Listed real estate investment fund (FII) traded on the B3 stock exchange.
• CPUR11 Listed infrastructure fund (FI-Infra) traded on B3, previously known as EVBI11.
• SHOP11 Listed real estate investment fund (FII) focused on shopping centers.
• Assessoria Financeira (Financial Advisory) Independent corporate financial advisory services covering corporate finance, risk management, treasury, and investment advisory for companies.

Quantifiable outcome

• R$ 20.9 billion in assets under management
• +5 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered core and major.

• Icatu SeguroscoreChannel Partner/ Reseller/ DistributorIcatu Seguros distributes Capitânia-managed open pension funds (PREVIDENCE ADVISORY ICATU and CREDPREVIDÊNCIA ICATU) through their PGBL/VGBL insurance products, serving Icatu's insurance plan holders.
• XP Vida e PrevidênciacoreChannel Partner/ Reseller/ DistributorXP Vida e Previdência exclusively distributes Capitânia's Prev Advisory XP Seguros and Previdence XP funds through XP Investimentos platform's pension product offerings.
• BTG Vida e PrevidênciamajorChannel Partner/ Reseller/ DistributorBTG Vida e Previdência distributes Capitânia's Prev BP open pension fund through BTG's insurance and pension product offerings.
• Itaú Vida e PrevidênciamajorChannel Partner/ Reseller/ DistributorItaú Vida e Previdência distributes Capitânia's REIT Prev Itaú, Previdence Itaú, and Prev Itaú open pension funds through Itaú's extensive retail banking and insurance network.
• BNY MellonmajorTechnology or IntegrationBNY Mellon serves as administrator and custodian for multiple Capitânia funds, providing fund administration services including quota calculations and asset custody.

Scale indicators8 records

Recent moves3 records

Expansion highlights6 records

Broad incumbents

• XP Asset Management: Asset management arm of XP Inc., the strategic shareholder and major distribution partner of Capitânia. Overlaps in fixed income, credit, infrastructure, and pension fund offerings; broader retail reach through XP platform.
• Vinci Partners: Brazilian alternative asset manager listed on Nasdaq with broader multi-strategy and private equity capabilities. Overlaps with Capitânia in credit, infrastructure, and real estate fund offerings, but operates at larger scale and broader mandate.
• BTG Pactual Asset Management: Asset management division of BTG Pactual, a major Brazilian investment bank and Capitânia distribution partner. Significantly larger and broader product suite, with overlapping credit, infrastructure, and pension products.

Direct peers

• ARX Investimentos: Brazilian independent asset manager focused on credit, fixed income, and structured products, with roots in Banco Pactual. Direct overlap with Capitânia in private credit strategies and target investor segments.
• Verde Asset Management: Brazilian independent multi-strategy asset manager with strong fixed income and credit capabilities. Comparable boutique scale and product breadth across credit, real estate, and macro strategies make it a direct peer to Capitânia.
• Gávea Investimentos: Brazilian independent alternative asset manager with strong fixed income and credit capabilities, founded by former Banco Pactual partners. Comparable in independent structure and institutional/qualified investor focus.
• Polo Capital: Brazilian independent asset manager specializing in credit, fixed income, and special situations. Comparable boutique independent structure, credit orientation, and distribution through major Brazilian platforms.
• Genoa Capital: Brazilian independent asset manager with focus on private credit, infrastructure, and real estate strategies. Comparable boutique scale and product overlap with Capitânia across the credit, FIDC, and infrastructure fund categories.
• Ibiuna Investimentos: Brazilian independent macro and credit-focused asset manager founded by former Itaú executives. Comparable to Capitânia in independent structure, credit/fixed income specialization, and focus on Brazilian institutional and qualified investors.
• JGP Asset Management: Independent Brazilian asset manager specializing in credit, macro, and multi-strategy funds. Highly comparable to Capitânia given similar boutique size, fixed income/credit expertise, and target institutional/qualified investor base.

Market position

Strengths4 records

Weaknesses3 records

Competitive moat5 records

Key risks6 records

Key highlights8 records

Customer concentration

• Xx.com/capitaniainvest

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Capitania Investimentos